Updated news on the Gambino, Genovese, Bonanno, Lucchese, and Colombo Organized Crime Families of New York City.

Wednesday, June 8, 2011

US to seek sentence cut for Florida Ponzi schemer

Federal prosecutors will be seeking a reduction in the 50-year sentence imposed on convicted Florida Ponzi schemer Scott Rothstein because of his assistance in ongoing investigations.
Prosecutors filed papers Wednesday indicating they will ask that Rothstein's sentence be cut at a later time. The 48-year-old disbarred lawyer pleaded guilty to operating a $1.2 billion Ponzi scheme involving investments in fake legal settlements.
The papers don't specify how many years might be shaved off Rothstein's sentence. It's ultimately up to a federal judge.
Rothstein helped prosecutors nab an Italian Mafia operative on money laundering conspiracy charges by wearing a hidden recording device in an FBI sting operation. He's also helping prosecutors unravel his massive Ponzi scheme.
So far five other people have been charged for roles in Rothstein's fraud.

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